Public notice of administrative monetary penalties

2012-03-22 ]

Sharons Credit Union, a savings and credit union in Vancouver, British Colombia, was issued a penalty of $40,520 on February 27, 2012, for committing eleven violations.

Nature of Violation

Failure of a person or entity to develop and apply written compliance policies and procedures that are kept up to date and, in the case of an entity, are approved by a senior officer, which is contrary to subsection 9.6(1) of the the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 71(1)(b) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Failure of a person or entity to assess and document the risk referred to in subsection 9.6(2) of the Act, taking into consideration prescribed factors, which is contrary to subsection 9.6(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 71(1)(c) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Failure of a person or entity that has employees, agents or other persons authorized to act on their behalf to develop and maintain a written ongoing compliance training program for those employees, agents or persons, which is contrary to subsection 9.6(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 71(1)(d) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Failure of a person or entity to institute and document the prescribed review, which is contrary to subsection 9.6(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 71(1)(e) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Failure of a financial entity to report the receipt of an amount in cash of $10,000 or more in the course of a single transaction, together with the prescribed information, which is contrary to subsection 9(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 12(1)(a) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Failure of a financial entity to report the receipt from outside Canada of an electronic funds transfer of $10,000 or more in the course of a single transaction, together with the prescribed information, which is contrary to subsection 9(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 12(1)(c) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Failure of a financial entity to keep prescribed records, which is contrary to section 6 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraphs 14(c) and 14(c.1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Failure of a specified person or entity to take reasonable measures to obtain and, if obtained, keep a record of prescribed information, which is contrary to section 6 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and subsection 11.1(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Failure to take reasonable measures when opening an account to determine if the account is to be used by or on behalf of a third party, which is contrary to section 6 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and subsection 9(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Failure of a financial entity to take reasonable measures within the prescribed period to determine whether a person who initiates an electronic funds transfer of $100,000 or more is a politically exposed foreign person, which is contrary to subsection 9.3(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 54.2(c) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Failure of a financial entity to take reasonable measures within the prescribed period to determine whether a person who is the beneficiary of an electronic funds transfer of $100,000 or more is a politically exposed foreign person, which is contrary to subsection 9.3(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and paragraph 54.2(d) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Date Modified: